New Greek Budget Calls For More Cuts, Tax Hikes

The Greek government passed a 2013 budget on Monday that includes more spending cuts and tax hikes. But European leaders, while welcoming the move, won't give Greece its latest loan fix for now because of the country's rising debt. More than two years after Greece adopted a punishing austerity regimen in exchange for bailout loans, the country remains deeply in debt and addicted to loans. There has been some progress on reforms, especially in doing business in Greece, but this has been vastly overshadowed by a deep recession that has left more than a quarter of the work force unemployed and a mounting debt that everyone agrees is unsustainable.